Tower Resources (LON:TWR) announced on Thursday plans to raise £1.7 million in capital to fund its Cameroon project.

The oil and gas company said it plans to raise the funds through the placing of 170 million new ordinary shares at 1p each.

Admission of the shares on the AIM market is set to take place at 8am on the 30th January 2019.

Back in December, Tower Resources updated the market on progress at NJOM-3 well in Cameroon.

In the statement, the company announced the signing of a contract with Vantage Drilling International for the Topaz Driller to continue its operations in the region.

Jeremy Asher, Chairman and CEO commented at the time of the news release:

“We are very pleased to have secured the Topaz Driller, the same rig which our well management team at Bedrock Drilling used to drill the two recent Etinde wells. We see the NJOM-3 well, in Q2 2019, as just the beginning of our drilling activity on the Thali license, as we explained in our Corporate Presentation of last month. The rig timing remains consistent with that schedule, including its target of first oil by the end of 2019.”

The company was first admitted to the junior AIM market on the London Stock Exchange in 2005.

It focuses its operations in Africa, with projects in Cameroon, Namibia, South Africa and Western Sahara.

Shares in Tower Resources are currently trading -25.63% on the back of the announcement.

Elsewhere across the markets, shares in premium fizzy drink-maker Fever-Tree (LON:FEVR) rallied after the company revealed a 39% rise in revenue.

Meanwhile, Daily Mail and General Trust (LON:DGMT) ticked up after the media company maintained its full-year outlook.